Note J - Segment Information

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

	Three Months Ended					Nine Months Ended
	December 31,					December 31,
	2022		2021			2022		2021
Net sales
Coil	$	100,231	$	41,795		$	372,830	$	172,814
Tubular		11,629		9,861			50,526		37,329
Total net sales	$	111,860	$	51,656		$	423,356	$	210,143
Operating profit (loss)
Coil	$	3,259	$	(4,032	)	$	15,684	$	33,497
Tubular		692		(647	)		6,136		3,951
Total operating profit (loss)		3,951		(4,679	)		21,820		37,448
General corporate expenses		2,522		920			8,002		4,662
Interest expense		448		58			1,498		154
Other income (loss), net		826		1,727			7,350		(4,801	)
Total earnings (loss) before income taxes	$	1,807	$	(3,930	)	$	19,670	$	27,831

	December 31, 2022		March 31, 2022
Segment assets
Coil	$	185,210	$	115,232
Tubular		12,651		24,017
		197,861		139,249
Corporate assets		6,022		20,026
	$	203,883	$	159,275

Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and other income (loss). General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate and accounting salaries, professional fees and services, bad debts, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. Other income (loss) for the three and nine month periods ended December 31, 2022 consisted primarily of gains related to derivatives not designated for hedge accounting of $822,200 and $7,325,860, respectively. Other income (loss) for the three months ended December 31, 2021 consisted primarily of a $1,721,700 gain related to derivatives not designated for hedge accounting. Other income (loss) for the nine months ended December 31, 2021 consisted primarily of a $6,498,040 loss related to derivatives not designated for hedge accounting partially offset by a $1,706,614 gain from the PPP Loan forgiveness. Corporate assets consist primarily of cash, restricted cash and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.